Increasing awareness about the side-effects of chemicals present in animal-based products, and growing animal concerns are some of the major reasons for the growth of natural and plant-based ingredients.
PERSISTANCE MARKET RESEARCH: ‘The rising inclination of consumers towards natural and plant-based products is estimated to enhance the sales of vegan flavors. Increasing awareness about the side-effects of chemicals present in animal-based products, and growing animal concerns are some of the major reasons for the growth of natural and plant-based products. Therefore, manufacturers in the food and beverage industry are looking for natural and plant-based ingredients to develop innovative products and to gain traction of health-conscious consumers… The global vegan flavors market is expected to reach ~ US$ 8.0 Bn by the end of 2019 in terms of value, and is forecasted to reach ~ US$ 13.0 Bn by the end of 2029.
According to the analysis of the vegan flavors market, increase in awareness about vegan flavors is estimated to have a promising impact on the market. In recent years, there has been a lot of change in consumer perception, which has led to a transformation in various end-use industries such as food, beverage, pharmaceutical, etc. Manufacturers in several industries are focusing on incorporating natural ingredients in their products.
Thus, players in the vegan flavors industry have an excellent opportunity to showcase their vegan flavors portfolio, which is estimated to increase the convenience for the manufacturers in different end-use industries. For instance, Sensient Technologies Corporation has created a special website to present its vegan flavors. This helps to easily find the variety of vegan flavors that are available in the market and also promote awareness about them in the market’. SOURCE…